Private mortgage insurance (PMI) is a type of insurance that protects a lender in the event that a borrower defaults on a mortgage loan. This type of insurance is typically required for borrowers who make a down payment of less than 20% of the purchase price of a home. Continue Reading Below
Private mortgage insurance (PMI) is a type of insurance that protects a lender in the event that a borrower defaults on a mortgage loan. This type of insurance is typically required for borrowers who make a down payment of less than 20% of the purchase price of a home. PMI can help to protect the lender against losses resulting from a default, and can also allow borrowers with less than a 20% down payment to qualify for a mortgage loan. PMI premiums are typically paid by the borrower as part of their monthly mortgage payment.
Copyright 2023 SuperMoney, LLC. All rights reserved.
SuperMoney Advertiser Disclosure
*SuperMoney is not responsible for third party products, services, sites, recommendations, endorsements, reviews, etc.
All products, logos, and company names are trademarks™ or registered® trademarks of their respective holders. Their use does not signify or suggest the endorsement,
affiliation, or sponsorship, of or by SuperMoney or them of us.
Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone,
and have not been reviewed, approved or otherwise endorsed by any financial institution. This editorial content is not provided by any financial institution.
SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain
sponsored products and services, or your clicking on links posted on this website. This compensation may impact how and where products appear on this site
(including, for example, the order in which they appear). SuperMoney strives to provide a wide array of offers for our users, but our offers do not
represent all financial services companies or products.
We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or
service provider and read the information they can provide.
† To check the rates and terms you qualify for, one or more soft credit pulls will be done by
SuperMoney, and/or SuperMoney's lending partners, that will not affect your credit score. However, if you choose a product and continue your application at a
lending partners' website, they will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and
may affect your credit.